Mahindra & Mahindra (M&M) has informed that it has acquired a majority stake in REVA Electric Car Company. M&M is India's largest utility vehicle maker and it is eyeing on the small car segment as well.

M&M will acquire 55.2 per cent stake in REVA Electric Car Company. It has been informed that M&M has acquired 55.2% of stake in REVA Electric Car Company. The buy out has been a combination of equity purchase as well as Rs 45 crore of infusion.

The homegrown auto major M&M has informed that it has purchased equity from the REVA promoters. After the acquisition the company has renamed as Mahindra REVA Electric Vehicle Co Ltd.

M&M's President for the Automotive business Mr. Pawan Goenka will be the chairman of this company. REVA's Deputy Chairman and Chief Technology Officer Chetan Maini will be the chief of technology and strategy in this Mahindra REVA Electric Vehicle Co Ltd.

As per the market experts, now M&M has can also enter the small car segments by REVA's electric vehicle technology.